Quote Of The Day: Head Of Bank Of England Says Bankers Must Reassess "Sense Of Self"

Earlier today, the world's oligarchs held a conference titled "Inclusive Capitalism" (where common peasants were not allowed to get closer than 300 feet) where inclusive supposedly means "trickle down in an era of record cronyness", which among others was attended by Bill Clinton, Prince Charles and Madame Kill Bill herself.

Christine Lagarde, the managing director of the International Monetary Fund, said ... that progress in completing banking reforms was being hampered by fierce industry lobbying.

You mean the industry which was bailed out by the same oligarchs holding court today (courtesy of taxpayer funds), and which even the Fed admits is still Too Big To Fail, and thus has no worries that any of its negative behavior would ever have negative consequences. That industry?

But the quotes of the day by far belonged to former Goldmanite and current Bank of England head Mark Carney. Here are some of his pearls of wisdom, via Reuters and Bloomberg:

"Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself."

Well as long as he means social capital (not to be confused with government cash transfers in a world in which the welfare state has been bloated to epic proportions) because we know the real capital keeps evaporating: that "inevitable" capex rebound keeps getting pushed back year after year, while all the political capital, as Mario Draghi was so kind to lie to us, has been fully soaked up to keep Europe's artificial currency afloat.

Then there was this:

Carney said public trust had been damaged by the behaviour of banks both before and after the financial crisis. He cited allegations that the Libor interest rate benchmarks and prices on the foreign exchange market were tampered with. "An unstable dynamic of declining trust in the financial system and growing exclusivity of capitalism threatens."

"In the Bank of England's view, changes to both the hard and soft infrastructure of markets will be required," he said.

True: unfair practices such as Virtu having one whole losing day in 4 years of frontrunning market orders should be permanently eradicated. Also the mere possibility that JPM may not report an entire year with zero trading losses, should be promptly struck from the collective mind: imagine how much more confident in markets the retail investors would be if they knew that neither HFT firms nor TBTF banks could ever lose money again!

Before we forget, here is another instance of "social capital" - perhaps Carney will elaborate just what he means:

"Unbridled faith in financial markets prior to the crisis and the recent demonstrations of corruption ... has eroded social capital,"

This is certain: anytime a banker almost, just barely avoids jail time for stealing billions courtesy of a corrupt and criminal legal system that panders to the banks and regulators whose only hope is to get a job with the banks they "supervise", something inside the social capital dies a little.

But the punchline is undoubtedly this, via Bloomberg:

Carney says capitalism must reassess bankers’ "sense of self."

Oh, so it was the impaired banker "sense of self" that was at fault for corrupting capitalism as we know it, or rather no longer can recognize it.... Well that explains everything. As for the cure: we have an idea. The central banks should just print up a few cool trillion more (you know, to boost the economy and lol) and assure that in 2014 bankers get a year of absolutely blockbuster bonuses. That will promptly fix all "sense of self" fears and lingering doubts, and with it, according to Carney, capitalism itself.

The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives,

to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law.

Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.

Capitalism is suffering the fate of feudalism before it (see Santayana, "Those who cannot remember the past are condemned to repeat it"). The owners of capital are slowly structuring global systems of capitalism to prevent creation of any capital that is not owned by them. This is essentially the same as owning all the land in a feudal system.

Jah, effendi. Neo-feudalism or rentier economy the logical result when central planners abolished bankruptcy at the top. Capital is no longer released from misinvestment in inefficient enterprise to fund innovation. So capital turns into its opposite: an instrument of oppression.

Oh yeah. You really did it this time. I need that one hanging on my wall. I've already got a print-out of the Market Watch front page from Oct.6, 2008; banner headline WORLDWIDE WRECKAGE. Don't see these those too often on sell-side market shill sites. Sometimes the truth pinches.

Sense of self? SENSE OF SELF? The bankers are brats. They are immature, selfish, murdering thieves who will let nothing stop from from getting richer than any man needs to be, AT ANY COST. That is a character flaw. And because character flaws rule the day, the entire WORLD will pay for your shortsighted little boy and girl dreams to rule the world, own the people and decide who eats and who starves. You fuckers belong in prison.

"The astonishing tapes show senior manager John Bowe, who had been involved in negotiations with the Central Bank, laughing and joking as he tells another senior manager, Peter Fitzgerald, how Anglo was luring the State into giving it billions of euro.

TAPE RECORDINGS from inside doomed Anglo Irish Bank reveal for the first time how the bank's top executives lied to the Government about the true extent of losses at the institution.

Mr Fitzgerald had not been involved in the negotiations with the Central Bank and has confirmed he was unaware of any strategy or intention to mislead the authorities. Mr Bowe, in a statement last night, categorically denied that he had misled the Central Bank.

The audio recordings are from the bank's own internal telephone system and date from the heart of the financial crisis that brought the State to its knees in September 2008.

Anglo itself was within days of complete meltdown – and in the years ahead would eat up €30bn of taxpayer money. Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo's negotiators knew all along this was not enough to save the bank.

The plan was that once the State began the flow of money, it would be unable to stop.

Mr Bowe is asked by Mr Fitzgerald how they had come up with the figure of €7bn. He laughs as he is taped saying: "Just, as Drummer (then-CEO David Drumm) would say, 'picked it out of my arse'."

Easy there, this is supposed to be a site that is SFW, the bureaucrats, bankers and trader scum are the only ones who can get away with NSFW viewing at work and not risk the gendarmes smashing down the door and seizing your computer.

The id (sometimes referred to as the ego) is simplistically comprised of two elements; false pride and self-esteem.Those on "the Street" revel in an abundance of the former, a definite shortage of the latter.The condition is oft a significant trait in psyco and soiciopaths.Egomania with an inferiority complex.

some 'o you folks might hear something familiar with that latter statement.... LOL

Carney's quotes remind me of that Arab Bazaar Bearded guy strapped to a post with hooked chains about to have his flesh ripped apart in "Hell Raisers" where he asks, "What is your pleasure?"

We are WAY beyond bizarre now. These freaks really do see themselves as some kind of leader-lord-kings. They are OUT of their minds. Especially that bitch LaGarde. Watch her interviews, her face. She really thinks she is the Red Queen. Fuckin' monsters.

I'm sick of hearing about capitalism, like it is anything real or has ever existed in history. I think most of us understand what free trade would look like (if we ever got to actually see it) and have presumed that capitalism was its name. Its not. Its simply another theoretical ruse developed to excuse theft and corruption. There will always be theft and the fraud that enables it, but these terms are being used to characterize a "system" that does not really exist other than as cover for corruption. I will take free trade and deal with the theft that ensues any day over the institutionalized theft that these systems of capitalism, socialism and communism attempt to wrap around our necks with legal justifications.

WTF does that even mean???!!!! This kind of double-talk is typical of someone who is pathologically incapable of telling the truth. Was it considered too rash a statement that bankers themselves must reassess their 'sense of self'? So the responsibility of reassessing their 'sense of self' (integrity??? ---> newsflash: they don't have any) gets slyly shifted to an abstraction: capitalism.

Punish the criminal banksters who commit fraud with a stinging punishment not just a mere cost of doing business, then and ONLY then might I consider thinking about the possible option of remotely trusting them for a phantasecond.

A lot of time will have to pass to see if they can remain blemish free

At first I wanted to join your team. I've received training in sharpening from one of the worlds best wood carvers. I saw myself pressure washing your machine between sessions and lovingly dressing the blade with my finest diamond hones. Next it would be neccesary to lubricate the pullies, crank and release mechanism, perhaps beeswax with a little lanolin. The wood I'd use boiled linseed oil. With all that splatter we'd have to be on the lookout for any breakdowns. I'd insist that the machine would not attract flys on an ongoing basis.

Then I thought wouldn't it be better no NOT sharpen it and sort of bludgeon the heads off with pure momentum and perhaps NOT clean the apparatus: imagine it there dripping with coagulation, hair, flys, and vermin waiting for its next victim. When the machine became too hoary we could have a "combo event" for a special victim. We would place the victim, set the guillotine on fire and at the exact right moment, pop the head off like a spewing flaming meteor!

The "welfare state" would not be so goddamned bloated if the oligarchs had not caused so much job loss, if they had not depressed wages so low that tax revenues can't cover expenses, had not showered themselves with so many tax breaks, tax loopholes, and tax havens, and had not insisted the state give their financial institutions trillions of dollars. Let's just blame the poor for being poor. It's easier this way.

The thieves are running the country, like they have for a long time. We should do something about it (should have a long time ago). We can go postal on them with hanging or death by tiger if you wish, or we can simply disable them. The rule us because they control us, and not just by the laws of the land. They control us because they have our nuts in a vise. They control the money, they control our ability to have a business or even a job. And they are able to do this largely through debt. Those who have not been leveraged by debt are being herded into the stock market and bonds, at first for protection, but also for gain, as opposed to actually earning a living. We are all dependents, either for entitlements, support of a failing economy through endless debt fraud, or through the corruption of a continuous climbing stock market and crony capitalism.

Poverty doesn't exist because the banks or even Obama are fucking us, but because they make it easy for us to fuck ourselves. They make it easy to go into debt. They make it easy to buy cheap foreign goods. They make it easy for illegals to come take jobs that they constantly tell us we are too good for. They make it easy to blame them, while knowing there is not a fucking we can do about it, because we refuse. Because we will do anything except accept the pain of withdrawal from this shit storm.

Stay in the markets because they tell you they are printing and your money is going to lose value...or you just can't stand to see someone else making money for free while you miss out.

Borrow the money for that new car or house...hell everyone else is doing it and besides, this shit will only cost more next year.

We sit in jobs we hate and rather than leave, we actually spend even more money we don't have to buy a little happiness, which puts even further in debt with even fewer options of escape.

People are fucking nuts and those in power know it, use it and will never let it change. It will only change when we change ourselves and stop handing our power, which is actually our freedom, over to them. We associate slavery with a lack of freedom. Much if not all of that is a state of mind, simply because we find ourselves with terrible options, generally because we failed to choose properly from prior less horrible options. They will always make the easiest choice the worst choice, which is why so many find themselves...fucked.

We could kill all the evil bankers and politicians tomorrow and there would be a new crop to replace them the day after. It is us that is the problem. It is our behavior and expectations that have to change if we, as a society are going to have a chance.

Oldwood, WTF? the enemy is US, huh, report to DHS they need someone to write such tripe - after listing all the ways the common guy is controlled, your answer is it's the common guy's fault..and you admonish - elimination of the elite will change nothing..corzine got a woody seeing that.

Too bad that Prince Charles didn't mention that he's never done a day's work in his life, is a rich landowner (farms) who screws his tenants into the ground by high rents and that he got the government to introduce additional privacy laws to protect his income from public scrutiny etc etc etc. This buffoon is unfit to be invited to anything, let alone an oligarch get-together to pontificate about "inclusive capitalism", about which he knows very little or nothing. He's just taking the p*ss.

Yes he is. Charles involves himself in matters which are out-of-bounds for the monarchy going back a very long way. In recent times he's had 20+ secret meetings with government ministers for the purpose of peddling his personal policy agenda and now we see him blathering on about "inclusive capitalism". Coming from a wealthy landowner who spends his time living off the back of taxpayers that's a bit rich. He has no special knowledge or skills in any of these things and he gets an audience with government simply because of who he is. And in the case of Cameron, also because of family connections.

My solution-- posted in here man y times is simple. Take the CEO's of the largest 100 banks and line them up, with name tags drooped over their necks and have 20 shooters in the firing squad. Give them all one bullet. Fire away and tell the survivors who were randomly allowed to live, that they fuk with us again we will do it again but with 100 bullets per shooter.
Problem solved....

And to be frank, future generations don't deserve anything. They will get what the future has in store for them and they'll have to fight hard just to survive, seems to me.

The Y in the road was about a billion miles and 300 years behind us. There is no other way now. If our future could be one of pain unless we change out course -- then get ready for the pain because anymore there are not two ways this is going down.

Its not easy to live in a free world, or least I would assume so as we have never quite done it in recent history. The world is what we make it and we can blame the crooks and bankers all we want, but seldom are they holding a gun to our head. They are simply saying to us that if we do it their way, things will be easy for us and if we don't, it will be hard indeed. What we lack is the willingness to accept that we are weak, that we will take the bribe, the handout, the good job or the good deal, even though we should know it is fucking us in the end (or both ends). Domesticated animals who have never known freedom accept their food readily, but the animal in the wild appreciates that the free handout we offer will likely end in the loss of their freedom or life. We are domesticated. We will bleat and stumble around, but eventually we head into our pen as directed and when the time comes, we will be harvested or simply put out of our misery as a kindness. This is our loving masters. Its all for our benefit you know.

We always want to kill the fucker who cheated us when we are really mad at ourselves for being such a dumb sucker to fall for it in the first place. Maybe the answer is to simply kill all of those sharpies out there swindling us, leaving only the gullible folks behind to lamely try to figure out how to cheat one another. Maybe if all that is left are the dumb fucks, we can live happily ever after in the retard trailer park.

Or we could smarten up a bit, take a little responsibility, and be a little harder target for the crooks.

Eventually people will be unable to pay the debts the banks (and their own greed) have worked up, central banks will them devalue to bail them out (again) and the system collapses. We have a Kristallnacht (II) and the system purges itself of greedy bankers, greedy consumers, and the vain that can't live without the latest igadget and Kering/LVMH tat.

The only thing that causes Fascists to "reassess the self" are consequences from rule of law, or the barrel of a gun.

Sadly, what is certain is that bankers have no self worth, only net worth, as acceptance of record bonuses from TARP shoved down taxpayers throats first and foremost showed the world in spades.

This silly talk of banker-reconciliation in dishonest Fascist markets is pure foolishness- more like the joke of the day.

Without prison or personal demise there is nothing.

One thing is certain, jibberish about "social capital" having meaning in Fascist Inc is a real gem. Last I checked EVERYONE I KNOW has sold everything and exited (never to return, 3 generations and counting). Social capital is a kool-aid term for distraction by incompetent retards.

I don't believe anything from the central banks, Lagarde or especially the circus "carney" aka slick!. It's all part and parcel of the Ponzi scheme. I'm curious how/when this bullshit paradigm will end? History will repeat itself - how many fiat currencies have failed?